15/09/2017 - 06:42

Morning Headlines

15/09/2017 - 06:42

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Morning Headlines

Casino takings hit as high rollers stay away

Chinese high rollers are deserting James Packer’s Perth casino in droves, putting at risk one of the key strategies behind Crown’s $650 million redevelopment. The West

 

Myer rethinks strategy after growth falters

Two years into a five-year turnaround plan, Myer chief Richard Umbers is reviewing his strategy and growth targets after admitting the recovery was taking longer and the market changing faster than anticipated. The Fin

 

Industry hails passage of media reforms

A sweeping media overhaul that the Turnbull government says will deliver the “biggest reform” in nearly 30 years has been hailed by the industry, as small and regional companies win new funding to invest in their newsrooms. The Aus

 

$270m plan brings Kings Square to life

A radical retail concept with a classic Fremantle feel will underpin Kings Square Fremantle’s $270 million redevelopment. The West

 

Sacked managers take action

Three senior managers sacked from Karara Mining and replaced by Chinese nationals on temporary work visas have taken their grievances to the Fair Work Commission. The West

 

Palmer ‘asleep’ as refinery went under

Clive Palmer said he was in bed asleep when his now-fugitive nephew Clive Mensink appointed administrators to Queensland Nickel, as the former federal MP was forced to twice deny lying under oath. The Aus

 

AGL alarm over talk of break-up

AGL Energy has moved to avert any push from Canberra to break up the company amid speculation that an expected attack by the competition watchdog on anti-competitive electricity supply will be seized on by politicians under pressure over power prices. The Fin

 

No wiggle room in CBA’s rate rise excuse

The Commonwealth Bank has been fingered for potentially misleading the public by naming regulatory hurdles designed to take the heat out of the housing market as the exclusive driver of interest rate rises. The Fin

 

Director directive ignites super row

Financial Services Minister Kelly O’Dwyer has reignited a stoush with the union-and-employer-backed industry super funds, with the introduction of legislation requiring funds to have at least one third of their board independent directors, with an independent chair. The Aus

 

The Australian Financial Review

Page 1: AGL Energy has moved to avert any push from Canberra to break up the company amid speculation that an expected attack by the competition watchdog on anti-competitive electricity supply will be seized on by politicians under pressure over power prices.

P5: A frustrated and angry business community has implored the government to work with it, not against it, if it wants to solve the energy policy crisis.

P6: Big business is refusing to drop its pursuit of tax reform, including the proposed company tax cuts, claiming it is a matter of when, not if, the United States slashes its own corporate rate.
P7: The best six months of employment growth in 17 years is stoking speculation a shortage of key workers in boom sectors such as infrastructure, healthcare and tourism will soon see wages grind higher, boosting the Reserve Bank of Australia’s scope to begin normalising interest rates.

P9: Australia’s media bosses are eager to take advantage of any opportunities presented by the passage of the Turnbull government’s media reform package, saying it was an important step in allowing the sector to better tackle an era dominated by Google and Facebook.

P10: The Commonwealth Bank has been fingered for potentially misleading the public by naming regulatory hurdles designed to take the heat out of the housing market as the exclusive driver of interest rate rises.

P11: Labor has been thwarted in its attempt to force a protracted inquiry into legislation that will require superannuation funds to appoint one-third independent directors, including an independent chair.

P17: Two years into a five-year turnaround plan, Myer chief Richard Umbers is reviewing his strategy and growth targets after admitting the recovery was taking longer and the market changing faster than anticipated.

P19: South32’s key executives, including chief executive Graham Kerr, forfeited a chunk of their 2017 incentives due to the miner’s failure to meet its 2017 output guidance.

Vocus Group is facing a potential class action over allegations the telecommunications provider engaged in misleading and deceptive conduct and breached its continuous disclosure obligations.

 

The Australian

Page 1: Lionel Murphy was headed down the path of becoming Australia’s first High Court judge to be forcibly removed when his lawyers were served with a torrent of serious allegations — among them that he attempted to bribe police officers, encouraged the intimidation or harming of several people and improperly used his influence to help Sydney organised crime boss Abe Saffron win lucrative business contracts.

Malcolm Turnbull is facing a deepening divide within the Liberal Party over same-sex marriage after John Howard ratcheted up his criticisms of the government, accusing it of “washing its hands” of any responsibility to protect parental rights, free speech and religious freedoms.

P2: Employers have taken on an additional 250,000 staff in the past six months in the strongest burst of hiring since 2000.

P4: A sweeping media overhaul that the Turnbull government says will deliver the “biggest reform” in nearly 30 years has been hailed by the industry, as small and regional companies win new funding to invest in their newsrooms.

The federal government is aiming to exclude the renewable energy target from its looming overhaul of the nation’s power supply in a key decision that will sharpen its divide with Labor on the use of coal and gas to guarantee energy security.

P10: Clive Palmer said he was in bed asleep when his now-fugitive nephew Clive Mensink appointed administrators to Queensland Nickel, as the former federal MP was forced to twice deny lying under oath.

P19: Backing venture capital and entrepreneurs is gaining in popularity among high net worth investors, with plenty of money willing to bet on higher-risk, high-return ideas and the individuals behind them, says Credit Suisse.

P21: Myer has skidded to its worst result since it was floated on the sharemarket in 2009, prompting chief executive Richard Umbers to apologise for its failure to meet profit benchmarks he set down two years ago.

Financial Services Minister Kelly O’Dwyer has reignited a stoush with the union-and-employerbacked industry super funds, with the introduction of legislation requiring funds to have at least one third of their board independent directors, with an independent chair.

 

The West Australian

Page 3: Chinese high rollers are deserting James Packer’s Perth casino in droves, putting at risk one of the key strategies behind Crown’s $650 million redevelopment.

P6: Fraud and corruption allegations against public servants have doubled in a year, while accusations of in-appropriate personal behaviour surged by one third, including increases in bullying, disobedience and discrimination complaints.

Premier Mark McGowan has been called on to defend Attorney-General John Quigley over his handling of the latest dangerous sex offender release scandal, which dominated State Parliament yesterday.

P11: Australia’s media industry is poised for its biggest shake-up in decades after the Federal Government finally secured passage of its media law reform package through the Senate last night.

P18: A radical retail concept with a classic Fremantle feel will underpin Kings Square Fremantle’s $270 million redevelopment.

P61: Three senior managers sacked from Karara Mining and replaced by Chinese nationals on temporary work visas have taken their grievances to the Fair Work Commission.

Rio Tinto has terminated Brierty’s $100 million mining contract at a Pilbara iron ore project after the contractor’s corporate collapse, leaving the jobs of 65 workers in doubt.

The Chris Ellison-led Mineral Resources says it will continue working with the leaders of Empire Oil & Gas, despite blindsiding them with the appointment of receivers to its troubled Perth Basin gas project.

P62: One of the country’s biggest professional organisations spent nearly $6 million promoting a book and a TV chat show focused on its former celebrity chief executive, according to a damning review that also exposes major failings by directors.

Troy Resources has warned of further upheaval at the troubled gold miner if a bid to oust most of its board is successful.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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